NEW DELHI :
As a key meeting of OPEC and its allies begin from tomorrow to decide on crude oil production cuts, state-run fuel retailers in India have chosen not to increase or decrease the prices of petrol and diesel for the third consecutive day today.
In New Delhi, a litre of petrol is now retailing at ₹74.91 and diesel ₹65.78. In Mumbai, a litre of petrol costs ₹80.59 and diesel ₹69. If you are in Bengaluru, you pay ₹77.50 for petrol and ₹68.02 for diesel.
With crude oil rates rising since early October over hopes related to US-China trade deal, petrol price is already at its highest level this year. In October alone, petrol rate has spiked by around ₹2 a litre. Diesel rates have, however, been stagnant during the period.
In the crude oil market, prices rose today ahead of the OPEC meeting in Vienna on Thursday and Friday. OPEC and its allies have sent mixed signals about whether they were considering deeper production cuts. OPEC+ has been curbing supply since 2017 and is expected to keep the cuts in place to balance out record production in the United States.
Brent crude futures were up 35 cents, or 0.6%, at $61.17 a barrel by 0246 GMT. US West Texas Intermediate (WTI) crude futures were up by 31 cents, or 0.6%, at $56.41.
Oil has been rising since early October on optimism the U.S. and China are close to a initial deal, suggesting crude has room to fall if the two sides can’t reach an agreement. However, the likelihood that OPEC and its allies will extend production cuts and toughen compliance, together with some signs that they could deepen them, appears to be propping up prices this week.